30 Jun 2014
The week ahead is packed - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank highlight the key data releases on a busy looking week ahead.
Key Quotes:
“Today starts with German retail sales and Eurozone M3 data: the former are seen at 1.0% MoM and the latter at just 0.8% YoY, which really sums up the dichotomy between the German and the broader Eurozone economic performance (and the Eurozone core seem to be much better at football too now to rub salt into the wound). We also see the Eurozone CPI estimate for June, which is expected unchanged at just 0.5% YoY headline and 0.7% core, which will do nothing to defuse fears over low inflation/deflation in Europe. In the US we also have the Chicago PMI, seen down slightly to 63.3 from last month’s 65.5, though how much relation such US PMI series currently have with the broader economy is increasingly questionable, and a speech from the Fed’s Williams”.
“Tomorrow is a Hong Kong holiday (and is likely to see a large demonstration) but is mostly about the global manufacturing sector, though in Australia the RBA have another “we won’t be doing anything for a while” rate decision. The Tankan in Japan will let us see how Abenomics is playing out; China’s May manufacturing PMI is out; in Europe there is German unemployment, and the UK manufacturing PMI; the US sees its manufacturing ISM survey; and in Emerging Asia there is Indonesian CPI, trade balance, and the PMI; India also has its own manufacturing PMI”.
“Wednesday sees Eurozone PPI and US ADP employment along with factory orders, while Yellen delivers a lecture in Washington”.
“Thursday has Aussie building approvals; China’s services PMI and the unofficial HSBC measure of the same; final Eurozone services PMIs and the ECB rate decision (the market doesn’t expect a further set of acronym fireworks this month); and in the US we have the special treat of US services, trade balance and a Payrolls Thursday for once due to the timing of the 4 July holiday on Friday”.
“Friday is said US holiday, so is likely to be quiet both there and elsewhere, especially as there is little data to chew on”.
Key Quotes:
“Today starts with German retail sales and Eurozone M3 data: the former are seen at 1.0% MoM and the latter at just 0.8% YoY, which really sums up the dichotomy between the German and the broader Eurozone economic performance (and the Eurozone core seem to be much better at football too now to rub salt into the wound). We also see the Eurozone CPI estimate for June, which is expected unchanged at just 0.5% YoY headline and 0.7% core, which will do nothing to defuse fears over low inflation/deflation in Europe. In the US we also have the Chicago PMI, seen down slightly to 63.3 from last month’s 65.5, though how much relation such US PMI series currently have with the broader economy is increasingly questionable, and a speech from the Fed’s Williams”.
“Tomorrow is a Hong Kong holiday (and is likely to see a large demonstration) but is mostly about the global manufacturing sector, though in Australia the RBA have another “we won’t be doing anything for a while” rate decision. The Tankan in Japan will let us see how Abenomics is playing out; China’s May manufacturing PMI is out; in Europe there is German unemployment, and the UK manufacturing PMI; the US sees its manufacturing ISM survey; and in Emerging Asia there is Indonesian CPI, trade balance, and the PMI; India also has its own manufacturing PMI”.
“Wednesday sees Eurozone PPI and US ADP employment along with factory orders, while Yellen delivers a lecture in Washington”.
“Thursday has Aussie building approvals; China’s services PMI and the unofficial HSBC measure of the same; final Eurozone services PMIs and the ECB rate decision (the market doesn’t expect a further set of acronym fireworks this month); and in the US we have the special treat of US services, trade balance and a Payrolls Thursday for once due to the timing of the 4 July holiday on Friday”.
“Friday is said US holiday, so is likely to be quiet both there and elsewhere, especially as there is little data to chew on”.